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CANBERRA - The Australian Government is not concerned about a drop in the price of Telstra shares ahead of a further Government sale of shares in the top telco, Finance Minister Nick Minchin said yesterday.
The Government is selling about one-third of its 51.8 per cent stake in Telstra in the largest public share offering in Australia since 1999, when the Government raised A$16 billion ($18.5 billion) from a previous Telstra sale.
Telstra's share price has fallen from A$3.94 on Monday to A$3.77 at yesterday's close.
The further sale, known as T3, is reaching the final stages with the institutional offer closing today.
"It has settled back a little. It is still above where it was when the offer originally opened," Minchin told CNBC television.
"We don't have a particular explanation for it, but we are not particularly concerned about it either."
- REUTERS
